Financial Services bXpert .insights Playlist

Categories: Financial Services

Four ways to get Millennials & Gen Z to love you.
https://thefinancialbrand.com/103616/banks-millennials-gen-z-personalization-loyalty-fintech-gamification/?edigest

  1. Bundled Offers. Deeper customer relationships can be achieved with the right mix of digital capabilities, personalized offerings, benefits, products and incentives – and by providing bundled product and service offers.
  2. Digital Banking. Eighty percent of survey respondents agreed that their banking provider’s online and mobile banking capabilities made banking easier for them. Digital should continue to be a key channel to grow and evolve.
  3. Personalization. Across all generations, 88% of consumers believe it is important for their financial institution to provide recommendations relevant to them based on their product usage and behaviors, similar to what Amazon and Netflix do.
  4. Goal-Oriented Incentives. Millennials (25-34 years old) and Gen Z (18-24 years old) would be highly motivated to switch institutions if they could be rewarded for defining and achieving financial goals.

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Five reasons to stop promoting financial products.
https://www.cuinsight.com/five-reasons-to-stop-promoting-financial-products.html

  1. While 2020 has many banks and credit unions revisiting their policies and procedures, they should also be reevaluating their marketing strategies and approach.
  2. Your quarterly product promotions are the same quarterly promotions your competitors are running — HELOC and auto loans in the spring, and credit cards before the holidays.
  3. If you are only acquiring customers due to your low rates, they are likely to leave your organization if they find a lower rate. Product and rates campaigns do not help you stand out from the competition.
  4. Consumers are more attracted to brands with an authentic purpose. Promote the stories of how you help people and your communities.
  5. The time spent focused on product-specific campaigns can be better applied to developing a marketing strategy focused on your differentiators — customer support, real life stories and community involvement.

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Onboard customers right or live with the revenges.
https://thefinancialbrand.com/72908/customer-onboarding-banking-marketing-satisfaction/

  • Onboarding new customers is the best way to establish a great first impression and improve customer satisfaction.
  • New customer attrition rates of 25%–40% have a staggering impact on sunk costs and lost revenue.
  • A handwritten note from the employee who opened the account is a great way to help your customer know that you appreciate their business.
  • Sending a follow-up communication, within 3 days of account opening, maximizes customer satisfaction. Think of this as the combination of an account opening “receipt” and a personalized “thank you.”
  • Customer satisfaction and cross-sell success improve as the number of touchpoints increase. Remember, customers may not read all the communications they receive.
  • Most importantly, when it comes to new customer onboarding, doing nothing is not an option. Customer satisfaction drops significantly if no follow-up communication is received.

Need help developing your new customer onboarding strategy and communications? Schedule a free consultation with our strategist today.

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Why podcasts matter to your content marketing strategy.
https://thefinancialbrand.com/80480/banking-content-marketing-podcasts-engagement-trends/

  • Podcasts have gone mainstream and will likely grow more popular as organizations seek to expand their content marketing strategies.
  • Research indicates that 80% of all podcast episodes are listened to in their entirety, or at least majority, which is arguably the greatest consumption rate of any digital medium.
  • Podcasts also generate 4 times better brand recall than other forms of digital advertising.
  • The largest demographic for podcasts is Millennials at 28% and Gen Z at 18% — the key target demographic groups for banks and credit unions.
  • 67% of listenership had taken direct action as a result of listening to a podcast, highlighting that not only are audiences willing to listen, but they are also positively responding to calls to action.

Need help developing your content marketing strategy? Schedule a free consultation with our strategist today.

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Minimize post Covid-19 customer churn & capture market share.
https://thefinancialbrand.com/101390/post-covid-consumer-switching-banks-credit-unions-rates-fees/

  • Following COVID, 27% of large, multi-location bank customers are considering switching to a new financial institution. Of those intending to switch financial institutions, 3 out of 4 were Gen Z or Millennials and were overwhelmingly men — presenting a great targeting opportunity for Q4 digital marketing acquisition campaigns.
  • Competitive interest rates, lower fees, better customer service and issue resolution are the main reasons customers are looking to switch. Campaign messaging should be tailored around the products and services that differentiate the bank or credit union from their competitors.
  • A decrease in satisfaction during the pandemic is another driver for customers to switch financial institutions. If additional stay-at-home orders are put in place, banks and credit unions should be prepared to increase their acquisition activities with a focus on service and customer support.

Need help with your strategy? Schedule a free consultation with our strategist today.

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